0848 GMT - Telefonica's upcoming capital markets day could mark a shift in strategy under new CEO Marc Murtra, Morgan Stanley analysts write in a note. The Spanish telecom company has been experiencing improved stability after a challenging decade, and seems likely to outline new financial targets at the CMD, the analysts say. Since Murtra took over in January, Telefonica has sold several Latin American operations and is now focused on four core markets comprising Spain, the U.K., Germany, and Brazil. The analysts expect the U.K. joint venture structure to remain intact. However, high debt levels remain a concern, they add. Alongside a likely emphasis on debt reduction, Murtra could suggest potential consolidation and M&A opportunities, they say. Shares are up 1.5% at 4.60 euros. ( najat.kantouar@wsj.com)

(END) Dow Jones Newswires

October 20, 2025 04:48 ET (08:48 GMT)

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